REG - Thor Mining PLC - OZ Minerals Funds Kapunda Copper Project Australia

Thor EnergyAnnouncement

09/08/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220809:nRSI3319Va&default-theme=true

RNS Number : 3319V  Thor Mining PLC  09 August 2022

9 August 2022

 

 

Thor Mining PLC

 

("Thor" or the "Company")

 

OZ Minerals Funding
Kapunda Copper ISR Project, South Australia
 

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are
pleased to announce that OZ Minerals Limited (ASX:OZL) ("OZL") will provide
funding support for technical investigations into In Situ Recovery (ISR)
technology at the EnviroCopper Ltd ("ECL"), Kapunda copper-gold ISR Project,
in South Australia.  Thor owns 30% equity in ECL.

Project highlights:

 

§ OZL has committed AUD$2.5 million over 18 months to support ISR research at
the Kapunda project.

§ Funding is non-dilutive to Thor's 30% interest in ECL.

§ OZL funding will continue studies into the potential economic extraction of
copper resources via ISR.

§ Collaboration between ECL and OZL will commence this quarter.

§ Anticipated outcomes will be shared IP, for ECL and OZL to extend to
further projects, within South Australia and Australia.

§ ECL's plan is to develop a Mining Lease application for the Kapunda
project.

 

Nicole Galloway Warland, Managing Director of Thor Mining, commented:

"We are very pleased to announce this collaboration between EnviroCopper and
OZ Minerals, with OZL committing funds to continue the investigation at
Kapunda Project into the potential economic extraction of copper via the
low-footprint In-Situ Recovery mining technique.

This is a validation of the previous work by ECL on In-Situ Recovery of copper
at the Kapunda project, in cooperation with The Commonwealth Scientific and
Industrial Research Organisation ("CSIRO") and the University of Adelaide
under a CRC-P grant (Commonwealth Research Centre Project).

The OZ Minerals funding is non-dilutive hence will not impact Thor's 30%
equity interest in EnviroCopper."

 

Figure 1: Kapunda Location Map showing Alford West (ECL) and Thor's Alford
East

 Background

OZL's Think & Act Differently innovation team, through OZ Exploration Pty
Ltd, a subsidiary of OZL, has committed AUD $2.5 million over 18 months into
investigating the potential economic extraction of copper via ISR at the
Kapunda Project (the "Research Agreement").  This funding expands on previous
work by ECL in cooperation with CSIRO and University of Adelaide under a CRC-P
grant (Commonwealth Research Centre Project). Any resulting IP from the
Research Agreement will be owned by ECL, and a license will be granted to OZL
which will be worldwide, perpetual, assignable, irrevocable and royalty free.

The Kapunda ISR Copper-Gold Project is located approximately 90 kilometres
north north-east of Adelaide in South Australia (Figure 1).  ECL manage the
Kapunda project under a Joint Venture with tenement holder Terramin Ltd
(ASX:TZN) ("Terramin") to earn 75% interest in the mineral rights over metals
which may be recovered via ISR with Thor owning 30% equity in ECL. Terramin
and ECR have estimated a combined Resource of 47.4 million tonnes at 0.25%
copper containing 119,000 tonnes of copper using a 0.05% copper cut off. This
Resource estimate is only in respect of that part of the Kapunda
mineralisation that is considered amendable to ISR (copper oxides and
secondary copper sulphides) and only reports mineralisation that is within 100
metres of the surface (ASX TZN Announcement 12 February 2018).

ECL is now working to developing Kapunda into an operational Copper ISR mine.

 

About EnviroCopper

Thor holds a 30% interest in ECL which is a public, unlisted company, with
In-Situ Recovery Copper projects at Kapunda
(https://www.envirocopper.com.au/kapunda-isr-project) and Alford West
(https://www.envirocopper.com.au/alford-west-project) , South Australia
(Figure 1).  ECL manage the Kapunda Project in Joint venture with tenement
holder Terramin to earn up to a 75% interest in the mineral rights over metals
which may be recovered via ISR. (ASX:THR Announcement 11 November 2020).

This announcement is authorised for release to the market by the Board of Directors.

For further information, please contact:

 

 Thor Mining PLC

 
 Nicole Galloway Warland, Managing Director               Tel: +61 (8) 7324 1935

 Ray Ridge, CFO / Company Secretary                       Tel: +61 (8) 7324 1935

 WH Ireland Limited (Nominated Adviser and Joint Broker)  Tel: +44 (0) 207 220 1666
 Jessica Cave / Darshan Patel / Megan Liddell

 SI Capital Limited (Joint Broker)                        Tel: +44 (0) 1483 413 500
 Nick Emerson

 Yellow Jersey (Financial PR)                             thor@yellowjerseypr.com
 Sarah Hollins / Henry Wilkinson                          Tel: +44 (0) 20 3004 9512

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

Competent Persons Report

The information in this report that relates to exploration results is based on
information compiled by Nicole Galloway Warland, who holds a BSc Applied
geology (HONS) and who is a Member of The Australian Institute of
Geoscientists. Ms Galloway Warland is an employee of Thor Mining PLC. She has
sufficient experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which she is
undertaking to qualify as a Competent Person as defined in the 2012 Edition of
the 'Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves'. Nicole Galloway Warland consents to the inclusion in the
report of the matters based on her information in the form and context in
which it appears.

 

Updates on the Company's activities are regularly posted on Thor's website
www.thormining.com (http://www.thormining.com/) , which includes a facility to
register to receive these updates by email, and on the Company's twitter page
@ThorMining.

 

About Thor Mining PLC

Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified resource
company quoted on the AIM Market of the London Stock Exchange, ASX in
Australia and OTCQB Market in the United States.

The Company is advancing its diversified portfolio of precious, base, energy
and strategic metal projects across USA and Australia. Its focus is on
progressing its copper, gold, uranium and vanadium projects, while seeking
investment/JV opportunities to develop its tungsten assets.

Thor owns 100% of the Ragged Range Project, comprising 92 km(2) of exploration
licences with highly encouraging early stage gold and nickel results in the
Pilbara region of Western Australia.

At Alford East in South Australia, Thor is earning an 80% interest in copper
deposits considered amenable to extraction via In Situ Recovery techniques
(ISR). In January 2021, Thor announced an Inferred Mineral Resource Estimate
of 177,000 tonnes contained copper & 71,000 oz gold¹.

Thor also holds a 30% interest in Australian copper development company
EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest
in the mineral rights and claims over the resource on the portion of the
historic Kapunda copper mine and the Alford West copper project, both situated
in South Australia, and both considered amenable to recovery by way of
ISR.²³

Thor holds 100% interest in two private companies with mineral claims in the
US states of Colorado and Utah with historical high-grade uranium and vanadium
drilling and production results.

Thor holds 100% of the advanced Molyhil tungsten project, including measured,
indicated and inferred resources⁴, in the Northern Territory of Australia,
which was awarded Major Project Status by the Northern Territory government in
July 2020.

Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in deposits of
tungsten, copper, and vanadium, including Inferred resource estimates for the
Bonya copper deposit, and the White Violet and Samarkand tungsten deposits.
⁵

 

Notes

(1)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf
(http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf)

(2)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf)
 

³
www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(http://www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf)

 (4)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf
(http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf)
 

(5)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
(http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf)
 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCXVLLBLVLBBBL